Maxim Integrated Products Q3 Profit Tops Estimates - Quick Facts

(RTTNews) - Maxim Integrated Products, Inc. (MXIM) reported third-quarter net income of $79.4 million or $0.28 per share, compared to $122.5 million or $0.42 per share, prior year. The company noted that its results were affected by pre-tax special items which primarily consisted of $23 million in charges related to acquisitions and $17 million in charges related to restructuring activities. Adjusted earnings per share was $0.40, for the quarter.

On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.35 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $577.26 million from $605.68 million last year. Analysts expected revenue of $585.22 million for the quarter.

Tunc Doluca, CEO, said: "Our March quarter revenue performance was stronger than seasonal levels, but slightly below the midpoint of our expectations. During the quarter, we diversified our revenue base in Consumer and continued to strongly grow our Automotive business. We are exceeding our cost-saving goals, improving profitability while investing in growth areas for the future."

The company expects fourth-quarter: revenue of $570 million to $610 million; EPS of $0.24 to $0.30 GAAP; and $0.35 to $0.41 excluding special items. Analysts expect the company to report fourth-quarter earnings per share of $0.44 on revenue of $617.70 million.

The company reported that a cash dividend of $0.28 per share will be paid on June 4, 2015, to stockholders of record on May 21, 2015.